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Income not taxable for mere physical receipt of income, but on receipt of income in reality
Case Law Details
- Case Name
- Deputy Commissioner of Income Tax Vs T. Jayachandran (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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DCIT Vs T. Jayachandran (Supreme Court of India)
The income that has actually accrued to the Respondent is taxable. What income has really occurred to be decided, not by reference to physical receipt of income, but by the receipt of income in reality. Given the fact that the Respondent had acted only as a broker and could not claim any ownership on the sum of Rs. 14,73,91,000/- and that the receipt of money was only for the purpose of taking demand drafts for the payment of the differential interest payable by Indian Bank and that the Respondent had actually handed over the said money to the B...
